OpenQ announces openSpend for Physician Payment Sunshine Act Compliance

PRLog (Press Release) - Jan 14, 2010 -
Charlottesville, VA, San Francisco, CA, New York, NY and Paris, France –January 5, 2010- OpenQ announces the general release of openSpend, an integrated information, service and software solution for managing and reporting aggregate spend. The company will be officially launching the product while sponsoring ExL Pharma’s Tracking & Reporting Aggregate Spend Conference taking place January 12-13, 2010 at the Grand Hyatt Hotel in Washington DC.

OpenQ is the industry leader in compliance solutions and key relationship management and research for pharmaceutical, biotech, and medical device companies.

Designed to meet the requirements included in America’s Affordable Health Choices Act, along with recent federal and state legislation, openSpend satisfies a vital and imminent need for life science companies.  OpenSpend includes the following key capabilities:

-   Management dashboard
-   Easy-to-implement connectors to spend transaction systems
-   Wizard-driven spend entry portal
-   Contract tracking module
-   Internal and external reporting with filtering and ad hoc
-   Configurable workflow and approval management
-   openQ proprietary research feeds and algorithms for validation, identity matching and legislative updates

“Pharmaceutical, medical device and biotech companies can now count on openQ to help them meet another critical compliance need: aggregate spend management,” said Jim Zuffoletti, President and Co-founder of openQ. “We are pleased to provide a worry-free solution for life science companies ranging from early stage to maturity so they can maintain their focus on the business of the life sciences -- patient health -- while leaving the challenges of disclosure and cap enforcement to openQ”.

“When we looked at the aggregate spend space we immediately saw an opportunity to bring the unique combination of market information, expertise and workflow technology to managing caps and disclosure,” said Otavio Freire, CTO and Co-founder of openQ. “The only certainty in this space is that legislation will continue to change, and openQ’s flexible technology is built to meet those changes, whenever they arise”.

About openQ
In its sixth year of rapid growth, openQ has offices throughout the United States, Asia, and Europe and a growing client list that spans the globe. The continued interest of life science companies in openQ’s award-winning software and research products for compliance, KOL, speaker, and content management has led them to expand their client base fourfold since 2006.  OpenQ serves eight of the top ten pharmaceutical companies and three of the top five medical device companies. For more information, visit www.openq.com.

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